In First Week of Session, Terrorism Risk Insurance Reauthorization Passes House

In First Week of Session, Terrorism Risk Insurance Reauthorization Passes House

Beatty Continues Support of Critical TRIA Program

WASHINGTON, D.C. – U.S. Congresswoman Joyce Beatty (OH-03) voted today in support of the Terrorism Risk Insurance Program Reauthorization Act of 2015, H.R. 26. The legislation passed the House by a vote of 416-5 and now heads to the Senate for consideration. As a member of the powerful House Committee on Financial Services, Beatty has been a leader in the efforts to reauthorize the Terrorism Risk Insurance Program (TRIA) throughout her Congressional tenure. Since the program expired on December 31, 2014 insurers and users have been clamoring for a speedy reauthorization.

"I am proud to have been at the forefront, along with my colleagues, leading the charge to reauthorize this critical program. Members in the House crafted an agreement to reauthorize the program in 2014 only to have it languish in the Senate," said Beatty. "I certainly hope as we open the 114th Congress, the Senate will move forward reauthorizing this program in a timely manner."

The House passed and Beatty supported a reauthorization of TRIA on December 10, 2014 by a vote of 417-7 only to have the legislation waste away in the Senate. Just a week prior to that vote, on December 4, 2014, Beatty spoke at a press conference with Democratic Leadership and Members of the House Financial Services Committee about the importance of reauthorizing TRIA for Ohio's users and insurers.

H.R. 26 would provide a six-year extension of the Terrorism Risk Insurance Act, which expired on December 31, 2014. The bill increases insured losses necessary for government coverage to begin from $100 million to $200 million, increases the amount private insurers reimburse taxpayers from $27.5 billion to $37.5 billion, and allows insurance agents and brokers to operate across state lines.